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Updated December 2, 2011 at 9:45am

Image by Getty Images via @daylife

Jon S. Corzine, the former CEO of bankrupt MF Global, was called to testify at the House Agriculture Committee hearing on December 8, 2011, House Financial Services Oversight and Investigations subcommittee on December 15 and Senate Agriculture Committee on December 13. MF Global was a major financial derivatives broker dealing in futures and options, primarily for commodities.

On October 30th, MF Global reported a shortfall in customer funds and the following day the company filed for bankruptcy....all under the leadership of Corzine. Since then, a number of clients have had their funds frozen and an on-going investigation has yet to account for missing client funds that were mishandled by the firm. Estimates of the amount of money "missing" have ranged from $200 million to $1.6 billion. So now the question, what did Corzine know?

Today, CNBC had fun with its viewers asking "Where is Jon Corzine?" and depicting him as a missing-person on the side of a milk carton. Corzine had been a regular on CNBC commenting on Wall Street, the economy and politics. However, since the implosion of his firm he has been missing and, most likely, we will not hear much from him again. According to Bloomberg, a Corzine spokesman declined to comment on whether Corzine would voluntarily appear for the hearings in Washington, D.C. in a few weeks. Shortly after resigning, Corzine hired criminal attorney Andrew J. Levander....just in case.

Corzine would have a difficult time answering any questions from congress concerning the risks the company took (According to Forbes firm leveraged 80:1 debt/equity), the missing client money, and then there's that whole "being the CEO in charge" thing. Any good defense lawyer would not allow his/her client to say much at all under these circumstances. And whereas the congressmen do not have the authority to throw Corzine in jail as a result of his testimony, any lies, or mis-truths, could be grounds to a federal indictment of perjury....just ask Roger Clemens.

Baseball pitcher Roger Clemens was asked to testify in February 2008 to the House Committee on Oversight and Government Reform to talk about steroid use...Clemen's use specifically. He testified and the feds felt he lied and indicted him....his eventual trial this year resulted in a mistrial. Corzine may not be so lucky if he was to "mis-state" a fact. With MF Global, there is a lot of data investigators are looking over and they know more about the firm than Corzine ever did. Also, the sudden failure of the company and a hasty resignation would make it difficult to cover one's tracks. In isolation, Corzine must be wondering what everyone left at the offices of MF Global is saying about him. My guess is that they are protecting their own behinds and throwing Corzine under the proverbial bus.

Jon Corzine can't talk, and for a guy who loved the television camera and spotlight, it must be painful for him. It is telling to all of us who have listened to him all these years. Corzine is already taking the fifth, and he'll most likely continue that if he is forced to testify before congress.

Since the Senate Agriculture Committee had not received notification from the Corzine camp, as of December 2nd, as to whether Corzine would attend their hearing on December 8, that Senate Committee issued a subpoena requiring Corzine to appear. Will he talk? Doubt it. Better to keep silent and have everyone presume guilt, than to talk and know for sure.